Unlike a marketing research problem, a management decision problem:
a. makes use of the marketing research objective.
b. provides insightful decision-making information.
c. focuses on problems that are much broader in scope.
d. tends to be more information oriented than action oriented.
ANSWER: c
Management problems tend to be much broader in scope and far more general than marketing research problems, which must be narrowly defined and specific if the research effort is to be successful. The marketing research problem is information oriented, while the management decision problem is action oriented.
You might also like to view...
You can continue to use your less efficient machine at a cost of $8,000 annually for the next five years. Alternatively, you can purchase a more efficient machine for $12,000 plus $5,000 annual maintenance. At a cost of capital of 15 percent, you should:
A) keep the old machine and save $388 in equivalent annual costs B) buy the new machine and save $388 in equivalent annual costs C) buy the new machine and save $600 in equivalent annual costs D) keep the old machine and save $580 in equivalent annual costs
The coefficient of determination gives the proportion of the variability in the dependent variable that is explained by the regression equation
Indicate whether the statement is true or false